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Define cost measurement?
substitution cost, the measure of the cost you are giving up in order to achieve something else
Define conversion cost?
It is the cost converting raw material into finished goods. It comprises direct labour and manufacturing overheads.
Define Accouting for research and development?
resarch and development cost are expensed as incurred in the current period and are not capitalized your welcome
Define functional based cost management systems?
Functional-based costing considers total expenses incurred at all levels. Functional-based cost budgets for departments, for example, will include costs incurred by every activity performed in that department. In functional-based costing, accountants assign fixed costs such as manufacturing overhead to output on a per-unit basis.
When you bought a pencil at the newsagent you tendered 1 and received 4 coins of different denominations as change how much was the pencil?
This depends on your currency, and what denomination coins are in use. In the Eurozone there are 1c 2c 5c 10c 20c and 50c coins - as well a €1 and €2. So in tendering €1.00 and getting four different denominations in change one could get any of the following 50c, 20c, 10c, 5c. - total 85c - pencil cost 15c 50c, 20c, 10c, 2c. - total 82c - pencil cost 18c 50c, 20c, 10c, 1c. - total 81c - pencil cost 19c 50c, 20c, 5c, 2c - total 77c - pencil cost 23c 50c, 20c, 5c, 1c - total 76c - pencil cost 24c 50c, 10c, 5c, 2c - total 67c - pencil cost 33c 50c, 10c, 5c, 1c - total 66c - pencil cost 34c 50c, 5c, 2c, 1c - total 58c - pencil cost 42c 20c, 10c, 5c, 2c - total 37c - pencil cost 63c 20c, 10c, 5c, 1c - total 36c - pencil cost 64c 10c, 5c, 2c, 1c - total 18c - pencil cost 82c In US dollars there are 1c, 5c, 10c, 25c and 50c coins, as well as $1 coins This gives a smaller range of possible values 50c, 25c, 10c, 5c - total 90c - pencil cost 10c 50c, 25c, 10c, 1c - total 86c - pencil cost 14c 25c, 10c, 5c, 1c - total 41c - pencil cost 59c
What is the formula to find the average variable cost?
Average Variable Cost = Total Variable Cost/ Quantity Average Cost = Average Fixed Cost + Average Variable Cost Average Cost = Total Cost/Quantity
How do you derive the total cost function from the average cost function?
Average cost = Total cost / number of units of a good produced. So Total cost = Average cost X No. of units of a good produced
What is cost What is the difference between total cost and average cost?
Average total cost is the average of all your costs. This is your Fixed Costs and your Variable costs. Average Variable Cost is the average of your costs that can fluctuate.
Is falling when marginal cost is below it and rising?
When marginal cost is below average total cost, average total cost tends to fall, as each additional unit produced is less expensive than the average of previous units. Conversely, when marginal cost is above average total cost, average total cost rises, since producing additional units adds more cost than the average. Thus, if marginal cost is falling while it is below average total cost, it could lead to a further decrease in average total cost, while rising marginal cost above average total cost would increase it.
6 If the average total cost curve is falling what is necessarily true of the marginal cost curve If the average total cost curve is rising what is necessarily true of the marginal cost curve?
When average total cost curve is falling it is necessarily above the marginal cost curve. If the average total cost curve is rising, it is necessarily below the marginal cost curve.
If average total cost is greater than marginal cost average total cost must be increasing is the true or false?
true
What is the Average Cost method of inventory valuation?
Average Cost Method: Under this method average cost is calculated by following farmula:Average cost of unit= Total cost of inventory / total number of units
What is the relationship between marginal cost and average cost curves?
Margianal cost curve crosses the average total cost curve at the lowest point on the average total cost curve to be socially and ecomonical efficient.
When marginal cost is less than the average total cost the average total cost is falling why?
as a marginal cost is the cost of the next product produced, if this is less than average cost, when you continue to produce more products the lower marginal cost will have an affect on the average and cause it to fall.
What is average labor cost percentage of total cost?
65%
What is the difference between average total costs and average variable costs?
Average total cost is the average of all your costs. This is your Fixed Costs and your Variable costs. Average Variable Cost is the average of your costs that can fluctuate.
What is the total cost if the marginal cost of producing the 9th unit is 10?
Total cost would be: (Average cost)*8 +10.
